Question

on july 8, ray inc. sold 100 printers to office rental company at $600 each and offered a 2% discount for payment within 10 days. on july 15, office rental company paid the full amount in cash. what should ray inc. record on july 15?

Answer 1

A time-stamped commercial document known as an invoice lists the specifics of a transaction between a buyer and a seller and records it. The invoice often details the conditions of the contract and lists the acceptable forms of payment if goods or services were acquired on credit.

Paper receipts, bills of sale, debit notes, sales invoices, and online electronic records are examples of invoice types.

The transaction that was logged on July 15 falls within the 10-day window, thus we can determine the discounted price for the printers as follows:

$600 × 98% = $588

Now that the transaction displaying the payment is ready:

   Cash A/c Dr.                $588

          Discount A/c Dr.                   $12

                 To Accounts Receivable A/c      $600

(To document the customer's payment of the invoice)

To know more about Invoices, refer to this link:

https://brainly.com/question/15777000

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